The cryptocurrency analysis platform Santiment reports that large Bitcoin holders are continuing to add to their positions despite the sharp drop in prices.
Santiment said Bitcoin whales began to pile up at “between 100 and 10,000 BTC” amid declining market sentiment.
“… Whales continue to accumulate. That hasn’t happened in the past few days, but they have taken action since the drop began.
They can afford to join early and that’s what they do. “
Santiment adds that Bitcoin’s rally from under $ 30,000 to over $ 33,000 at press time was due to fear.
“Fear, Uncertainty, and Doubt (FUD) of Bitcoin remain high as traders wonder if the price can drop back below $ 30,000.
However, due to fear of the crowd, the price has recovered for the time being. The market often moves in the opposite direction of the crowd’s expectations.
Source: Santiment
The cryptanalysis firm further argued that bitcoin would be a better asset than altcoins when the market corrects.
“Those who held bitcoin positions during the market correction were rewarded compared to risky altcoin holders.
BTC has only fallen -4.5% in the past 3 days due to volatility, while $ DOGE (-26.1%) and other altcoins have plummeted.
Source: Santiment
In terms of the second largest cryptocurrency by market cap, Santiment says its top ten holders are currently holding record amounts of ETH.
“Ethereum’s top 10 whales (excluding exchanges) continue to hold record numbers of coins and are even climbing, despite falling below $ 1,900 on Monday.”
Santiment pointed out that the top ten whales have also reduced the amount of Ethereum on the exchanges, which eases selling pressure.
“Meanwhile, the amount of ETH that the top 10 whales hold on the exchanges has continued to decline, meaning the likelihood of a sell-off is less likely.”
Source: Santiment
Sn_Nour
According to Dailyhold
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…
Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…
Discover the success story of a New York tech entrepreneur who made $72M from a…
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
With the platform facing a cracked whip, Trump Media company is expanding into new business…
Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…
This website uses cookies.